Company Description:
Refex Industries Limited is a dynamic, diversified enterprise with strategic interests in refrigerant gases, coal and ash management, power trading, clean mobility, and renewable energy. We are committed to sustainability, innovation, and long-term value creation across sectors critical to India’s growth.
We specialize in eco-friendly refrigerant gas trading with multiple cylinder size options, offering reliable and sustainable cooling solutions. In the energy domain, Refex provides integrated services for responsible coal supply, handling and ash utilization. With a Category-I license for interstate power trading, we enable electricity transactions across the country.
Refex Green Mobility Limited, our clean mobility arm, offers four-wheeler vehicles running on clean fuel along with a technology-enabled platform and a professional driver partner to serve the corporates and demand aggregator platforms.
Our renewable energy subsidiary, Venwind, focuses on revolutionizing wind energy manufacturing in India through cutting-edge technology, localized production and sustainable growth. Together, our businesses drive impactful, scalable solutions aligned with a cleaner, more efficient future.
Current Stock Price:
BSE Down INR232.15 (-4.93%), NSE Down INR233.4 (-4.07%)
Market Capitalization:
- Refex Industries has a market cap of around ₹3,200–₹3,500 crore (~₹32–35 billion) based on recent trading prices in January 2026.
Valuation:
- P/E Ratio (TTM): ~22–23× earnings.
- Price/Book (P/B): ~2.5–3.4×.
- Enterprise Value: ~₹4,100–₹4,800 million (~₹41–48 billion).
- These figures reflect how the market currently values the entire business relative to earnings, book value, and enterprise value.
Reasons to Pass on REFEX:
- Earnings volatility – Profits can be cyclical and sensitive to government policy, energy prices, or commodity demand.
- Policy dependence – Parts of the business rely on regulations, subsidies, or public-sector contracts, which adds uncertainty.
- Limited moat – Competitive advantage may not be very strong compared to larger or more diversified peers.
- Corporate governance concerns (perceived) – Smaller or mid-cap firms often raise questions around transparency and capital allocation.
- Valuation risk – If the stock has already run up significantly, upside may be limited relative to risk.
- Concentration risk – Heavy reliance on a few business segments or customers.